Free Republic 4th Quarter Fundraising Target: $88,000 Receipts & Pledges to-date: $33,055
Woo hoo!! And the first 37% is in!! Thank you all very much!! God bless.

Keyword: oil

Brevity: Headers | « Text »
  • Iran’s Crude Exports To Drop To Four-Month Lows In November

    10/27/2016 11:22:15 AM PDT · by bananaman22 · 2 replies ^ | 27-10-2016 | The Ayatollah and his mom
    A typically low seasonal demand in Europe will lead to Iran exporting 1.89 million bpd of crude oil next month, the lowest level since July, Reuters reported on Thursday, citing a source with knowledge of Iran’s tanker schedule. As a rule of thumb, Iranian crude oil exports usually hit low levels around the months of October and November due to the peak in refinery maintenance in Europe and Asia. This year around, however, the November exports to Asia will rise from October due to higher Chinese demand. This year, Iran has been rapidly bumping up oil production and exports after...
  • Houston Oil and Gas: Cuts and Rehires Indefinitely Frozen

    10/26/2016 12:34:12 PM PDT · by bananaman22 · 3 replies ^ | 26-10-2016 | Mexicans are stealing our jobs
    Despite indications that the Houston hemorrhage of oil and gas jobs has slowed down, the two-year old wave of advances in drilling and extraction technologies—pioneered by now-jobless engineers—will prevent rehiring from commencing any time soon. Last week—and for the first time in over a year—oilfield services company Halliburton reported a quarterly profit. The profit was small in size, but refreshingly hopeful for Houston’s long-ailing oil and gas job market. Months of job cuts and asset sales later, the company announced a slim $6 million profit and a stable global workforce at 50,000 employees. A full ten percent of the 3,500...
  • Canadian Oil Is Building A Wall And Mexico Is Paying For It

    10/25/2016 7:47:17 AM PDT · by bananaman22 · 1 replies ^ | 25-10-2016 | MawMaw
    Mexico and Canada have been waging a silent battle for market share in the U.S. crude oil refining market. Since 2006, crude oil exports from Canada and Mexico to the U.S.’ largest refining complex in the U.S. Gulf Coast (Petroleum Administration for Defense Districts 3 or “PADD 3” or “Gulf Coast”) has changed dramatically. A Crude History: Canada vs. Mexico Historically, Canada and Mexico have both brought significant oil supplies to refiners in the U.S. In 2006, Mexico and Canada were both exporting 1.7 million barrels per day of oil to the U.S.; however, Mexican and Canadian crude oil market...
  • U.S. importing more oil for the first time since 2010

    10/24/2016 5:10:36 PM PDT · by panhandle67 · 13 replies
    UPI ^ | 10/21/16 | Daniel J. Graeber
    Republican presidential nominee Donald Trump said at a conference this year in North Dakota that he'd end U.S. oil imports from OPEC if elected in November.
  • Ayatollah Khamenei Accuses OPEC Members Of Waving The Oil Weapon

    10/24/2016 2:14:47 PM PDT · by bananaman22 · 4 replies ^ | 24-10-2016 | The Ayatollah and his mom
    Ayatollah Ali Khamenei, Iran’s Supreme Leader, accused unnamed OPEC members of using oil as a weapon to the benefit of the U.S. The accusations were leveled via Twitter, following Khamenei’s meeting with Venezuela’s President Nicolas Maduro over the weekend. In a series of tweets, Khamenei started by saying that the “drop in oil prices is a coercive measure against countries independent of the US,” then went on to remind his audience of the 1973 oil embargo from several Middle Eastern states that led to accusations from the West about “the political use of oil”, adding that “Today, same countries along...
  • oil leaders: opec threatening u.s. economy and new mexico’s lifeblood; nation has lost 400,000

    10/18/2016 7:54:30 PM PDT · by panhandle67 · 33 replies
    Roswell Daily Record ^ | 10/8/16 | Levi Hill
    CARLSBAD — Oil experts say America is under attack by Saudi Arabia and OPEC, but instead of bombs, the OPEC oil cartel is dropping millions of barrels of oil on the U.S. economy in a clear effort to undermine the nation’s oil producers and kill any chance of American energy independence. The first to feel the flood of foreign oil into the U.S. are the independent oil producers, whose stripper wells in Texas alone account for 20 percent of the nation’s oil and gas production, said Judy Stark, executive vice president of the The Panhandle Producers & Royalty Owners Association.
  • Hillary Corruption Led to Syria-Russia Crisis [aw!m vanity]

    10/15/2016 5:01:16 AM PDT · by Arthur Wildfire! March · 34 replies
    Big bold Drudge lines [*h*] ... CIA PLANS CYBER STRIKE ON RUSSIA 'DEFCON WARNING UPGRADE' MOSCOW READY FOR WAR Obama wants to not only wag-the-dog, but who knows? A cyber-war could disrupt internet communications -- time to blind Trump supporters. And it all boils down to their bribe money to take out the Syrian government. Obama and Hillary want you to think that Bashar Assad is the very devil. In many ways he is. Worst of all is his defense of Christians and Jews so far as the Establishment thinks. ISIS is cool -- they enslave Christians and Jews for...
  • Climate activists shut off oil pipelines which provide 15% of daily US consumption

    10/12/2016 12:47:19 PM PDT · by 2ndDivisionVet · 34 replies
    Hot Air ^ | October 12, 2016 | John Sexton
    Climate change activists shut off cross-border oil pipelines in Minnesota, Montana, North Dakota, and Washington on Tuesday. The activists broke in to unguarded valve stations and shut off the flow of oil before being arrested. Reuters reports: All they had to do was twist shut giant valves on five cross-border pipelines that together can send 2.8 million barrels a day of crude to the United States from Canada – equal to about 15 percent of daily U.S. consumption. The pipelines have valve stations every 20 miles, many of them in remote locations and protected by nothing more than a locked...
  • Warming Russia-Turkey relations send a chill through Ukraine

    10/12/2016 1:33:53 AM PDT · by Brad from Tennessee · 99 replies
    Christian Science Monitor ^ | October 11, 2016 | By Fred Weir
    Moscow — Leaders of Turkey and Russia signed a long-delayed deal Monday to build the TurkStream gas pipeline under the Black Sea to deliver Russian gas to Europe's doorstep within three years. The rapid warming trend in Russo-Turkish relations holds deep implications for Syria's immediate crisis, which dominated the talks and the subsequent headlines, but the fallout from that pipeline deal is a potentially crushing blow to struggling pro-Western Ukraine and may be rearranging strategic realities around the region for many years to come. Analysts say that if TurkStream goes ahead it will enable Moscow to cut its former main...
  • A Geopolitical Storm Is Brewing Over Libyan Oil

    10/10/2016 7:08:31 PM PDT · by Lorianne · 1 replies
    Oil Price ^ | 07 October 2016
    On September 11th, Libyan National Army (LNA) forces under General Khalifa Haftar launched an offensive on the oil facilities in Ras Lanuf, al-Sidr, Az-Zuwaytinah, and Berga in the Gulf of Sirte. Until that moment, the sites had been under the jurisdiction of the Petroleum Facilities Guard (PFG), guided by Ibrahim Jadran. In Ras Lanuf and al-Sidr PFG officers surrendered without fighting and all the terminals have ended up under Haftar’s control. The vast majority of the operation was reportedly conducted by Sudanese and Chadian mercenaries. The Tobruk government, led by Abdullah al-Thani, expressed its full support of Haftar’s operation and...
  • The Billion Barrel Oil Swindle: 80% Of U.S. Oil Reserves Are Unaccounted-For

    10/10/2016 8:44:07 AM PDT · by bananaman22 · 18 replies ^ | 10-10-2016 | Art
    U.S. crude oil storage is filling up with unaccounted-for oil. There is a lot more oil in storage than the amount that can be accounted for by domestic production and imports. That’s a big problem since oil prices move up or down based on the U.S. crude oil storage report. Oil stocks in inventory represent surplus supply. Increasing or decreasing inventory levels generally push prices lower or higher because they indicate trends toward longer term over-supply or under-supply.
  • Feds Thinking About Killing 31,000 Mining Jobs To Protect A Chicken

    10/08/2016 5:26:46 PM PDT · by george76 · 35 replies
    The Daily Caller News ^ | 10/08/2016 | Andrew Follett
    A new report has government officials considering setting 10 million acres of across six states in the American west off limits to mining and development to protect the chicken-like Greater Sage Grouse, which is not an endangered species. The U.S. Geological Survey (USGS) report found that much of the Sage Grouse’s habitat sits on top of extremely valuable deposits of minerals including gold, copper, lithium, silver, uranium and many others. The USGS report means that the government’s most restrictive grouse protection plan could kill even more than 31,000 jobs and lead to more than $5.6 billion in reduced annual economic...
  • Biofuels turn out to be a climate mistake -- here's why

    10/06/2016 7:35:29 PM PDT · by Lorianne · 19 replies
    UPI ^ | 05 October 2016 | John DeCicco
    Ever since the 1973 oil embargo, U.S. energy policy has sought to replace petroleum-based transportation fuels with alternatives. One prominent option is using biofuels, such as ethanol, in place of gasoline and biodiesel instead of ordinary diesel. Transportation generates one-fourth of U.S. greenhouse gas emissions, so addressing this sector's impact is crucial for climate protection. Many scientists view biofuels as inherently carbon-neutral: They assume the carbon dioxide (CO2) plants absorb from the air as they grow completely offsets, or "neutralizes," the CO2 emitted when fuels made from plants burn. Many years of computer modeling based on this assumption, including work...
  • Texas oil company announces big offshore Alaska discovery

    10/06/2016 7:15:42 PM PDT · by 2ndDivisionVet · 15 replies
    WTOP-TV ^ | October 4, 2016 | Dan Joling, The Associated Press
    ANCHORAGE, Alaska (AP) — A Texas petroleum drilling company announced Tuesday it has made a large-scale oil . . .
  • New Wiki-Leak To Put Oil In The Spotlights

    10/04/2016 12:02:19 PM PDT · by bananaman22 · 13 replies ^ | 04-10-2016 | Lincoln
    The world is waiting on the newest release of information by Julian Assange of WikiLeaks, who has announced that over the next ten days, he will release a whole new spate of information covering a wide range of topics, including oil. In addition to information about oil, Assange has promised that the latest series of unveilings will include the goods on the elections in the United States, arms, tech Giant Google, and mass surveillance. Assange made the announcement Tuesday to a press gathering in Berlin, from the Ecuadorean Embassy in London, stating: “We hope to be publishing every week for...
  • ISIS has lost control of its last oil wells in Iraq

    09/29/2016 8:06:27 PM PDT · by Rabin · 5 replies
    Reuters ^ | Sep. 28, 2016 | Saif Hameed & Mark Heinrich
    Islamic State militants will no longer control any oil in Iraq after being ousted by government forces last week from an area near Kirkuk. The ultra-hardline Sunni Muslim have been driven out of Shirqat by co-ordinated Iraqi force. DT "Take the Oil” Iraqi forces have yet to recapture the Najma oil-field, near Qayyara, but its producing wells are no longer accessible to IS government offensive and (US) air strikes. The reality is that it is extremely difficult to extract and smuggle oil while our forces are advancing towards Mosul...," oil ministry spokesman Asim Jihad.
  • Markets, Not Politicians, Slow State Oil and Gas Production

    09/29/2016 8:23:00 AM PDT · by MichCapCon
    Michigan Capitol Confidential ^ | 9/28/2016 | Jason Hayes
    The Detroit News recently reported that low oil prices have resulted in a decreased number of new oil and natural gas wells around Michigan. As a result of the slowing markets and dropping prices, the industry is seeing losses mount and is laying off hundreds of thousands of employees across the country. The article notes that Michigan is setting record lows in the number of drilling permits, with accompanying job losses. In fact, Energy Information Administration (EIA) numbers indicate that oil production in the state actually reached a 25-year low in 2015. This revelation isn’t terribly surprising, as the hardships...
  • Goldman Sachs: OPEC Freeze Could Add $10 To Oil Prices

    09/29/2016 7:44:42 AM PDT · by bananaman22 · 11 replies ^ | 29-06-2016 | Irina
    Oil barrel prices could climb between US$7 and US$10 by the end of the first half of 2017, according to Goldman Sachs analysts. Yesterday, OPEC surprised nearly everyone and reached a deal to curtail oil production. And now, if all members of OPEC strictly comply with their new quotas, which are to be (and that’s a reasonable “if”) agreed upon at the November meeting of the organization, Goldman is predicting a sizable recovery for the price of a barrel of oil. For this scenario to take place, all other circumstances on oil markets must remain unchanged.
  • Oil Spikes After OPEC Reaches Deal On Output Cap

    09/28/2016 12:01:24 PM PDT · by bananaman22 · 15 replies ^ | 28-09-2016 | Juli
    According to a Reuters source, The Organization of the Petroleum Exporting Countries has in fact reached a deal that will “limit” oil production, and oil prices are in for a wild ride yet again as a result. What was reported as mere rumor this morning, is apparently now a certainty. Reuters had reported this morning that OPEC may announce an output freeze deal later today, as part of the informal talks on the matter on the sidelines of the International Energy Forum, but details of the deal would be withheld until November.
  • BLM office in Junction to see change ( Colorado UN Agenda 21 )

    09/26/2016 8:29:32 AM PDT · by george76 · 6 replies
    Grand Junction Media ^ | September 24, 2016 | Dennis Webb
    Grand Junction will no longer be home to a district Bureau of Land Management office after the agency’s Grand Junction Field Office gets transferred from the northwest Colorado district to the southwest district under a reorganization. ... Mesa County Commissioner John Justman is uncomfortable with the Grand Junction Field Office no longer being part of the Northwest District, despite Mesa County’s close economic ties to the oil and gas development that takes place in northwest Colorado. Many area oil and gas jobs are based in Mesa County. “Financially the county is much more attached to the Northwest District than the...
  • Massive Fire Engulfs Pemex Oil Tanker in Gulf of Mexico

    09/25/2016 3:11:01 PM PDT · by rockinqsranch · 9 replies
    gcaptain/Reuters ^ | September 25, 2016 | Natalie Schachar and Noe Torres
    MEXICO CITY, Sept 24 (Reuters) – A fire broke out on an oil tanker of Mexican state oil company Pemex in the Gulf of Mexico on Saturday, forcing all the crew to be evacuated in the latest accident to plague the struggling firm.
  • Kingdom Comedown: Falling Oil Prices Shock Saudi Middle Class

    09/25/2016 2:32:40 PM PDT · by Lorianne · 23 replies
    Wall Street Journal ^ | 23 September 2016 | Ahmed Al Omran, Nikhil Lohade
    Lower revenue hurts economy, prompting government to withdraw some benefits; as cost of living rises, consumers cut back on spending ___ With a slowing economy and shrinking foreign reserves, the kingdom is coming under pressure to take steps that support the price of oil, as it did this month with an accord it struck with Russia. ... a sharp drop in the price of oil, Saudi Arabia’s main revenue source, has forced the government to withdraw some benefits this year—raising the cost of living in the kingdom and hurting its middle class, a part of society long insulated from such...
  • Crude Crashes As Saudis Kill OPEC Meeting Before It Even Started

    09/23/2016 10:10:35 AM PDT · by bananaman22 · 9 replies ^ | 23-09-2016 | Matt
    Crude prices are selling off, aided by Saudi comments that a decision will not be forthcoming from next week's OPEC meeting in Algiers. Add to this news that the Federal Reserve is looking to restrict bank involvement in physical commodities...and dollar strength as the cherry on top...and oil is heading lower into the weekend.
  • T. Boone Pickens Says Obama Is A Loser For The Energy Industry

    09/22/2016 1:29:56 PM PDT · by bananaman22 · 16 replies ^ | 22-09-2016 | Julianne
    According to energy magnate T. Boone Pickens, Obama has been a loser for the energy industry. And not just a loser, but “a complete loser”. That he is not a fan of President Obama’s policies—including his energy policies--comes as no surprise. Pickens said in 2014 that Obama was “the worst president we’ve ever had”.
  • Pipeline opponents interrupt oil industry meeting to make case - (leave in vehicles)

    09/21/2016 12:15:50 PM PDT · by Last Dakotan · 3 replies
    InForum ^ | 9/21/2016 | Amy Dalrympl
    MINOT, N.D. — A handful of Dakota Access Pipeline opponents took over the stage Wednesday, Sept. 21, as North Dakota's top oil regulator spoke to an oil industry group's annual meeting. The elders of the Oglala Lakota Nation referred to the pipeline as the "black snake" as they took the podium and microphone while Department of Mineral Resources Director Lynn Helms was speaking to the North Dakota Petroleum Council. "We want you guys to hear our voice and see us," one woman said. "We're not just some hashtag out there just making a scene. We want to be heard. We...
  • Frack Sand: The Unsung Hero Of The OPEC Oil War

    09/20/2016 7:31:04 AM PDT · by bananaman22 · 13 replies ^ | 20-09-2016 | Jim
    “Right now, it’s all about the frack sand. The story of US shale resilience is now about huge quantities of high-quality frack sand. This is the backbone of the comeback.” Welcome to the Mega-Frack Hydraulic fracturing involves injecting highly pressurized water into a well and then pouring sand into it in order to keep the tiny fractures created by the water blast open, and then widening them so that more crude oozes from the shale rock. The US response to the oil price war has been the ‘mega frack’, which means that producers are creating more fractures in rock because...
  • Venezuela Crises Compound as Oil Industry Falls Into Disarray

    09/20/2016 6:39:31 AM PDT · by C19fan · 17 replies
    NY Times ^ | September 20, 2016 | Nicholas Casey and Clifford Krauss
    One oil rig was idle for weeks because a single piece of equipment was missing. Another was attacked by armed gangs who made off with all they could carry. Many oil workers say they are paid so little that they barely eat and have to keep watch over one another in case they faint while high up on the rigs. Venezuela’s petroleum industry, whose vast revenues once fueled the country’s Socialist-inspired revolution, underwriting everything from housing to education, is spiraling into disarray. To add insult to injury, the Venezuelan government has been forced to turn to its nemesis, the United...
  • Obama Administration’s Lawless Decision Delays a Much-needed Infrastructure project

    09/18/2016 7:40:14 PM PDT · by Tolerance Sucks Rocks · 3 replies
    Freedomworks ^ | September 15, 2016 | Kenny Stein
    Seemingly every day some politician or another, usually from the left of the political spectrum, calls for more infrastructure investment. In North Dakota there is a $3.7 billion infrastructure project under construction. This project received all the necessary federal permits and is 60% complete. But now the Obama administration, bowing to radical left wing protestors, has thrown the project into doubt with its unprecedented decision last Friday to halt construction on one section of the project. Apparently infrastructure investment is not the priority we were led to believe. The project in question is known as the Dakota Access Pipeline. It...
  • Why Apache’s Latest Oil Find Is Such A Game Changer

    09/16/2016 12:36:35 PM PDT · by 2ndDivisionVet · 9 replies
    Oil Price ^ | September 15, 2016 | Michael McDonald
    Apache’s recent oil find highlights what could be a new phase in fracking. To date, fracking in the U.S. had really been all about taking explored basins and drilling new wells to get at previously untapped resources. That strategy worked well when oil prices were more than $80 a barrel. At today’s prices though, drilling the old style rigs in mostly depleted fields to get at residual layers of black gold is a money losing strategy. Apache’s find shows that money can be made by taking risks and looking for major new finds in areas that had been passed over...
  • How Does America Keep Finding Vast Stores of Energy?

    09/12/2016 4:22:31 PM PDT · by 2ndDivisionVet · 33 replies
    Slate ^ | September 12, 2016 | Daniel Gross
    By completely overhauling the old rules of the business. Last week, the Wall Street Journal reported on an energy bonanza. A company discovered a new field with “the equivalent of at least two billion barrels of oil” that “has the promise to become one of the biggest energy finds of the past decade.” But the discovery wasn’t made by a foreign company in the Amazon, or deep in the waters off the coast off Africa, or in Kazakhstan—or any of the other politically treacherous, high-risk, low-infrastructure places where Big Oil has been prospecting for gigantic new gushers. Instead, the lucky...
  • Oil Markets Brace As U.S. Looks To Sell 100 Million Barrels From SPR

    09/09/2016 2:59:36 PM PDT · by bananaman22 · 36 replies ^ | 09-09-2016 | SPR
    Aging infrastructure could render the U.S. strategic petroleum reserve (SPR) increasingly ineffective, according to a new report from the Department of Energy. The U.S. has stored roughly 700 million barrels of crude oil in salt caverns in Texas and Louisiana for decades. The SPR was established in the aftermath of the Arab oil embargo in 1973, which painfully revealed U.S. oil dependence as high prices drove up inflation, created fuel shortages and lines at gas stations, and rocked the American economy. The SPR was setup to stash 90 days’ worth of supply into storage for safekeeping, meant to be used...
  • Oil! Massive shale discovery in Texas

    09/08/2016 10:08:00 AM PDT · by PAR35 · 65 replies
    CNN ^ | September 8, 2016 | Matt Egan
    An overlooked corner of West Texas is believed to contain billions of barrels of newly-discovered shale oil. Apache (APA) revealed the huge find this week after more than two years of stealthily buying up land, extensive geological research and rigorous testing. ... Apache believes the new shale play spans at least five formations, contains over three billion barrels of oil and 75 trillion cubic feet of rich natural gas.
  • Biggest Draw In Crude Stocks This Century Sees Oil Prices Spike

    09/08/2016 8:53:07 AM PDT · by bananaman22 · 2 replies ^ | 08-09-2016 | EIA
    U.S. commercial crude oil inventories declined by 14.5 million barrels during the week ending on September 2nd, according to the Energy Information Administration’s latest report. The American Petroleum Institute (API) report on domestic inventories anticipated a 12 million barrel draw in crude supplies, against expert predictions that inventories would increase by 905,000 barrels.
  • Gartman: ‘’Crude Not Going Above $55 For Years’’

    09/07/2016 10:53:30 AM PDT · by bananaman22 · 13 replies ^ | 07-09-2016 | Dennis
    In mid-January, everyone's favorite market indicator Dennis Gartman, made an infamous prediction when oil was trading in the mid-$30s, when he said that oil won't hit $44 again "in my lifetime" Sure enough, three months later, oil "killed" Gartman, or at least his credibility, when it jumped above $44. We thought that Gartman had learned his lesson, and would avoid such bombastic forecasts in the future. Turns out we were wrong, and earlier today Gartman again appeared on CNBC, where he said that "investors shouldn't expect the commodity to break through $55 for a few years."
  • Transportation Sector Under Threat From Amazon

    09/06/2016 8:29:28 AM PDT · by bananaman22 · 19 replies ^ | 06-09-2016 | Mike
    Investors in the transportation sector are facing a sea of change thanks to the rise of online commerce. A major part of that change is, and the firms move towards using in-house transportation portends of more evolution to come. With thousands of shipments daily, is leading the way in creating its own in-house transportation via airplanes. This could potentially pave a path for other online retailers, as well as for the future development of other devices like drones which threaten companies that may not have the available funds to invest in them.
  • Southwest oil independents schedule rally Sept. 27 (against OPEC oil imports)

    09/05/2016 5:30:41 PM PDT · by panhandle67 · 27 replies
    Artesia Daily Press ^ | 9/4/2016 | Staff
    New Mexico and Texas oil companies and communities say they will warn Saudi Arabia and Organization of the Petroleum Exporting Countries (OPEC) to stop overproduction of oil and lowering prices as a strategy to slow or shut them down, or face import quotas. Independent oil companies with the Panhandle Initiative to Reduce Imports (PIRI) will hold an industry and public rally from 11:30 a.m. – 2 p.m. Tuesday, Sept. 27, at the Pecos River Village Convention Center, 711 Muscatel Ave., Carlsbad. Lunch and admission are free. Southwest and Rocky Mountain oil producers say they feel they are under OPEC and...
  • Oil pipeline protest rurns violent in southern North Dakota

    09/04/2016 7:24:41 AM PDT · by fulltlt · 21 replies
    Billings Gazzette ^ | 9/4/2016 | AP
    BISMARCK, N.D. — A protest of a four-state, $3.8 billion oil pipeline turned violent after tribal officials say construction crews destroyed American Indian burial and cultural sites on private land in southern North Dakota. Morton County Sheriff's Office spokeswoman Donnell Preskey said four private security guards and two guard dogs were injured after several hundred protesters confronted construction crews Saturday afternoon at the site just outside the Standing Rock Sioux reservation. One of the security officers was taken to a Bismarck hospital for undisclosed injuries. The two guard dogs were taken to a Bismarck veterinary clinic, Preskey said.
  • Trudeau’s China strategy fails unless he gets a pipeline built

    09/01/2016 3:50:33 PM PDT · by DUMBGRUNT · 7 replies
    nationalpost ^ | 1 sept 2016 | Michael Den Tandt
    What’s at issue is the pace of extraction, the means of shipment (rail or pipe), the degree and nature of carbon offsets, access to markets, and consequently the price. Currently, Texas-bound Canadian heavy crude trades at a discount to the global price. De facto, the United States has in Canada a captive supplier. Former prime minister Stephen Harper threatened, after President Barack Obama shelved the Keystone XL pipeline project in 2012, to sell our oil to China instead.... Here’s why this matters, particularly in light of Trudeau’s signature promise to boost property for Canada’s middle class: The resource economy, mineral...
  • Proving 'Em Wrong: How The U.S. Oil And Gas Industry Survived

    08/31/2016 11:02:34 AM PDT · by bananaman22 · 3 replies ^ | 31-08-2016 | Stuart
    The Saudis counted them out. So did the Russians, even many domestic analysts said North American shale and tight oil and gas production would decline in the face of low prices and that investment would dry up and output would fall. Well, guess what? They have all been proven wrong. Sure, rig counts have dropped and there have been painful layoffs of workers, but the industry is surviving and against all the “experts” advice, production of natural gas from the Marcellus and Utica shales of the U.S. Northeast is averaging 22.63 billion cubic feet per day in August,
  • Colorado's Anti-Fracking Crackup

    08/31/2016 5:08:19 AM PDT · by Kaslin · 3 replies ^ | August 31, 2016 | Michelle Malkin
    If a pair of extreme green ballot measures fall in the Rocky Mountains and no one in the liberal media is paying attention, does the collapse make a sound? This week, two anti-fracking initiatives backed by deep-pocketed environmental lobbying heavyweights, such as the Sierra Club and Greenpeace, failed to gather enough signatures. The more draconian of the efforts, Initiative 78, would have imposed a mandatory 2,500-foot setback around all oil and gas operations -- essentially halting drilling in upward of 95 percent of Colorado's energy-rich land area. These drastic attempts to sabotage the oil and gas industry didn't just miss...
  • Yemeni Rebels Claim Unconfirmed Second Strike On Saudi Aramco Oil Facilities

    08/30/2016 8:46:26 AM PDT · by bananaman22 · 6 replies ^ | 30-08-2016 | Irina
    Yemeni Houthi armed forces today purportedly struck facilities of Saudi oil giant Aramco in the southwestern part of Saudi Arabia as well as the airport of Abha in the kingdom, Iranian Fars News reports. The attacks—the second such reported incident in a week--according to Iranian media reports citing Yemeni sources, came in retaliation for Saudi air strikes targeting civilians in Yemen. The attack that prompted the retaliatory move took place on Friday, when Saudi fighters, according to Iranian media, targeted residential areas in the district of Baqim, in the northwestern Sa’ada province. The attack resulted in 11 casualties and came...
  • Oil Floods The Streets Of Iraqi Town After ISIS Opens Tap

    08/29/2016 9:30:02 AM PDT · by bananaman22 · 12 replies ^ | 29-08-2016 | Irina
    Iraqi media are reporting that ISIS militants have opened the taps of an oil pipeline in the town of Qayyarah, in northern Iraq. Crude is flowing in the streets, as images from Qayyarah show, and people are worried about what will happen if someone decides to set the crude on fire. Iraqi News notes that this is not the first time that the ISIS militants have resorted to this response: before Qayyarah was liberated by the Iraqi army and the U.S.-led coalition forces, the terrorist group spilled crude from the local pipeline into the Tigris River, which runs through the...
  • Exclusive: Venezuela's oil imports slump on payment woes, economic meltdown

    08/28/2016 9:18:41 PM PDT · by 2ndDivisionVet · 37 replies
    Reuters ^ | August 25, 2016 | Marianna Parraga
    Venezuela has not been able to import all the crude and fuel it needs this year to cover shortfalls at oilfields and refineries as state-run PDVSA struggles to pay suppliers on time, according to trade sources and internal company data seen exclusively by Reuters. The decline is the largest in five years as the worst economic crisis in decades undermines PDVSA's ability to buy oil imports, which fell 21 percent in the first seven months of this year to 154,465 barrels per day (bpd), the data showed. Venezuela is also on track to suffer its steepest annual oil output drop...
  • U.S. Gasoline Prices Surprisingly Rise In Late-Summer Week

    08/23/2016 2:25:04 PM PDT · by bananaman22 · 7 replies ^ | 23-08-2016 | Paraskova
    In one of the rare recent increases for a late-summer week, U.S. retail gasoline prices unexpectedly rose in the week to August 22, by US$0.044 to US$ 2.193 per gallon, according to data by the U.S. Energy Information Administration (EIA). Gasoline prices have dropped during this particular week in eight of the past ten years, and last week saw the biggest increase for this week since a US$0.062 rise in 2005. In the previous two August weeks, U.S. average gasoline prices had stood at US$2.150 in the week to August 8 and at US$2.149 in the week to August 15....
  • Boom, Balance Or Bust: What's Next For Oil?

    08/23/2016 9:27:28 AM PDT · by bananaman22 · 4 replies ^ | 23-08-2016 | Nick
    Oil prices have surged more than 20 percent in the last two weeks but there is quite a bit of disagreement over whether or not the rally can continue. The spark that created the bull market was the decision from OPEC to hold an unscheduled meeting in Algiers in September to discuss a production freeze. On the one hand, it would seem odd that OPEC members would once again go through all the motions and trouble of holding another meeting without a high degree of confidence that this time will be different. On the other hand, it has been years...
  • U.S. Gasoline Consumption On Target For A Record Year

    08/22/2016 2:33:38 PM PDT · by bananaman22 · 18 replies ^ | 22-08-2016 | Rob
    In last month’s Short Term Energy Outlook (STEO), the Energy Information Administration (EIA) projected that it now expects record U.S. gasoline consumption this year This projected increase follows several years of lower gasoline demand that resulted from persistently rising gasoline prices over the past decade. From 2002 to 2012 the average retail price of gasoline rose nearly every year, from an annual average of $1.39/gal in 2002 to $3.68/gal in 2012. Consumers responded to these higher prices in multiple ways, which cumulatively led to falling gasoline demand. Some even suggested that U.S. gasoline demand had permanently peaked, as a result...
  • Is ExxonMobil Actually Only Worth A Fraction Of What It Says?

    08/22/2016 9:56:17 AM PDT · by bananaman22 · 13 replies ^ | 22-06-2016 | OP
    The investigation by a handful of attorneys general into ExxonMobil has much more to do with the oil major misleading investors than it does about covering up climate science. The legal headache stems from several news reports that ExxonMobil buried decades of internal climate science in order to protect its interests. That has environmental groups crying foul, blaming the oil company for decades of policy inaction to stop the growth of greenhouse gas emissions. That also was a key reason that New York attorney general Eric Schneiderman, along with several other AGs from different states, opened up an investigation into...
  • China says seeks closer military ties with Syria

    08/21/2016 10:59:19 PM PDT · by Olog-hai · 1 replies
    Reuters ^ | Tue Aug 16, 2016 6:51am EDT | Ben Blanchard
    China wants to have closer military ties with Syria, state media on Tuesday cited a senior Chinese officer as saying during a rare visit to the war-torn Middle Eastern country. While relying on the region for oil supplies, China tends to leave Middle Eastern diplomacy to the other permanent members of the U.N. Security Council, namely the United States, Britain, France and Russia. But China has been trying to get more involved, including sending envoys to help push for a diplomatic resolution to the violence there and hosting Syrian government and opposition figures. …
  • Many People Think What Few Dare To Say

    08/20/2016 8:13:45 AM PDT · by Sean_Anthony · 12 replies
    Canada Free Press ^ | 08/20/16 | Dr. Klaus Kaiser
    With the world swamped by cheap natural gas, crude oil, and coal (with the mines in western countries are being relegated to heritage status), who, really needs expensive and intermittent electricity from the wind and sun? From climate doomsters to media politicos, the world is being bombarded with mis-constructs, unfounded claims and outright lies. Some listeners and readers may fall for such deceits but many others are thinking to themselves and quietly walking away. Time and again, I have experienced that phenomenon after giving a talk to (mostly) retired professionals from a variety of disciplines. They approach me in private...
  • Why oil prices just stampeded into bull-market territory

    08/18/2016 4:42:04 PM PDT · by BlackVeil · 30 replies
    MarketWatch ^ | Aug 18, 2016 | Myra Saefong
    Oil prices officially charged into a bull market Thursday as the prospect of an output freeze by major producers, data showing the first weekly fall in U.S. crude supplies in a month, and a decline in the dollar boosted prices. Crude-oil prices have advanced more than 20% from their Aug. 2 low over the past several sessions...September West Texas Intermediate crude CLU6, +0.23% climbed by $1.43, or 3.1%, to settle at $48.22 a barrel